HARTFORD, Conn., April 15, 2008 (Lawfuel) – Schatz Nobel Izard
P.C., the law firm that filed the first securities class action lawsuit
against Michael Baker Corporation (“MBC” or the “Company”) (AMEX:BKR),
reminds investors that the deadline to move the Court to serve as a
lead plaintiff is May 12, 2008, or 27 days away. The action is pending
in the United States District Court for the Western District of
Pennsylvania on behalf of all those who purchased MBC common stock
between March 19, 2007 and February 22, 2008, inclusive (the “Class
Period”) at docket number 2:08-cv-370.
The Complaint charges that MBC and certain of its officers and
directors violated federal securities laws. Specifically, the Complaint
alleges that throughout the Class Period, Defendants made false and
misleading statements inflating reported revenue from the Company’s
energy business segment.
After the close of the market on February 22, 2008, the Company
announced that it would be filing a restatement of its first, second
and third quarter 2007 financial statements to correct errors in MBC’s
revenue recognition practices in the energy business segment. The
Company’s February 22, 2008 disclosure revealed, inter alia, that the
amount of the restatement might exceed the total earnings reported for
the energy business segment for the first nine months of the 2007
fiscal year — the business segment that accounted for almost 70
percent of the Company’s total earnings for that period. Furthermore,
the February 22, 2008 announcement disclosed that the Company was still
evaluating whether it would need to restate earnings for fiscal year
2006 financial statements.
Following the issuance of the Company’s February 22, 2008 press
release, the price of the Company’s common stock dropped from a closing
price of $36.10 on February 22, 2008 to a closing price of $27.57 at
the end of the next trading day.
If you purchased MBC stock during the Class Period, you may, no later
than May 12, 2008, request that the Court appoint you as lead plaintiff
of the class. A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation. Although your ability
to share in any recovery is not affected by the decision whether or not
to seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
For more information about the case, its claims, and your rights,
please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or
by e-mail at [email protected] To view a copy of the complaint filed by
Schatz Nobel Izard P.C. or for more information about class action
cases and Schatz Nobel Izard, please visit our website: www.snilaw.com.
CONTACT: Schatz Nobel Izard P.C.
Nancy A. Kulesa
Wayne T. Boulton